ITFC Supports Mali’s National Food Security Program

Wednesday, November 30, 2016

Bamako, Mali – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and the Government of Mali, with OPAM and CSA (the national food security agencies) as Executing Agencies, signed a EUR 15 million (CFA Franc 10 billion) Financing Agreement to support the country’s Food Sector. The Agreement was signed by H.E. Mr. Boubou Cissé, Minister of Economy and Finance and IDB Governor for Mali, and Eng. Hani Salem Sonbol, CEO of ITFC.

This operation will facilitate the import and local production of cereals, a vital element for the country’s food security. This new facility is aimed at fighting malnutrition and foster poverty alleviation, while contributing to the overall social well-being and stability of the country. Since Mali is a landlocked country, trade is vital for its economy, especially the agriculture and services sectors. This operation will also support the international community's efforts to assist Mali in its post conflict reconstruction program.

A previous financing of EUR18 million was extended to the Government of Mali (with OPAM and CSA as Executing Agencies) in 2014. The operation enabled the Government to purchase 26,000 tons of cereals and 10,000 tons of animal feed for the “State Intervention Stock”. On this note, Mr. Boubou Cissé said, “Given the success of the previous operation, the renewal of this operation, will enhance the national production of cereals and help the country reach self-sufficiency.”

Commenting on the signing, Eng. Hani Salem Sonbol said: “ITFC is keen to support its Member countries to improve the livelihood of the people; therefore, signing this agreement to support the food security of Mali is an important step to achieve ITFC’s mandate”.

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